Crypto Market Uncertainty Hits Top Altcoins Amid CLARITY Act Delay
The crypto market is facing uncertainty due to the CLARITY Act's delay and the US Federal Reserve's interest rate hike. As a result, top altcoins like Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) are under pressure.
Ripple, currently trading around $1.30, has seen a 10% drop due to the delay in the CLARITY Act, which could have led to institutional adoption of XRP. However, the near-term tone remains neutral as it consolidates above the 50-day and 100-day EMAs.
The technical outlook for Ripple is bearish, with immediate support levels at risk as upside momentum weakens. A confirmed breakout below the 100-day EMA could signal a demand-zone breakout, positioning the 23.6% Fibonacci retracement level at $1.1236 as the next level where traders might buy the dip.
Cardano is also under bearish pressure, trading below $0.20 and facing risks of a bearish breakout. The meme coin Dogecoin sustains above $0.0800 but maintains a bearish near-term bias, with momentum subdued and downside pressure persistent.